The Ministry for the Environment and Urbanization of the Republic of Turkey is bringing to life an important project aimed at marketing the properties in Turkey to the Turkish and foreign nationals living abroad. Offices which are to be opened within consulates will promote real estate projects and carry out all types of title procedures.
The project designed at reducing the bureaucracy in title transactions and make the purchase of property and title transactions for property in Turkey much easier for Turkish nationals living abroad is being brought to life by the Ministry for the Environment and Urbanization.
Consulates to act as real estate offices
Within the framework of the project, consulates will provide services as if they were ‘Real Estate Offices’. Turkish nationals living abroad will be able to carry out all of the title procedures required in Turkey through the offices to be opened at the embassies. The offices will facilitate procedures such as buying and selling, transfer or inquiries for information and documentation, and all procedures will be supervised by a ‘title consultant’. Title consultants who are to be sent abroad will provide information services to both the Turkish and foreign nationals in the country in which they are situated as well as preventing any attempts at fraud through sales of residential properties made from models.
General Directorate of Land Registry and Cadastre, which will receive assistance from industrial and business associations such as MÜSİAD and TÜSİAD, as well as other non-governmental organizations for this project, will establish an opportunity for the promotion of the real estate projects which are approved by these leading institutions of the business world at embassies.
The project to begin in Germany
The title office will control whether the legal approvals for the project have been obtained and whether the property – and in particular the land – possesses the characteristics which have been promised. The title consultants will be able to provide information about properties in Turkey to both Turkish and foreign nationals living abroad.
The pilot scheme for the project is planned to begin in Germany in September and spread throughout the whole of Europe in stages. Title procedures will be able to be performed electronically in all countries where there is a large Turkish population without having to come to Turkey.
Revenue and foreign offices are also involved
The Revenue Administration Directorate and the Ministry of Foreign Affairs, as well as the Ministry for the Environment and Urbanization, are also tracking the project closely. A significant increase in the budget revenues of the Ministry of Finance is expected as a result of Turkish and foreign nationals who live abroad buying property in Turkey. General Directorate of Land Registry and Cadastre is currently carrying out an average of 7 million transactions and serving 20 million people every year. This figure is expected to increase by a significant amount.